Loan against property is a smart method to liquify your fixed assets. If your property is free of litigation and does not have any existing loan on it you can secure high-value loan from leading NBFCs.
This loan is secured is nature as you have to pledge your property as loan. Therefore , lenders are not so strict with your credit score or your past repayment history. Opting for this loan gives lower Interest Rates on Loan Against Property. Thus, all those looking for secured loans can get this as the best option available.
> Balance Transfer Facility
You can avail the balance transfer facility on the loan. With this you can shift your existing loan to a new lender offering lower rate of interest. This helps to reduce your monthly instalments considerably and proves beneficial especially if you are struggling with your finances.
> Top Up Loan Facility
If you have been paying up your loan on time. You can avail a high-value top-up on the loan. Lenders will be willing to offer a top up loan as per their lending criteria and your loan application. It must be kept in mind that value of top up will vary from lender to lender. Apart from the interest rate just make sure to compare penal interest, processing fees, EMI bounce charges of the new lender.
> Things to note -
- Maintain proper documentation on your existing loan as it will help you acquire the new loan faster.
- Plan your repayment capability especially in case of a top-up loan so you can pay it off easily and do not default.
- Maintain a stable source of income such as a job or business so lender can offer you appreciable loan amount.
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health.
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